Artificial Intelligence has extensive applications in the field of drug discovery and the medical imaging industry. It performs tasks that require human-like qualities of judgment and perception for its application in healthcare systems. Introduction of innovative technology for detection of disease such as CT scans, MRI scans and picture archiving and communications (PAC) have enabled doctors to achieve 60-70% more accurate results instantly.

Innovation in clinical research and robotic personal assistants should drive healthcare artificial intelligence market growth. Growing application in the field of genomics and precision medicine will boost personalized treatments customized to an individual patient’s need. Big data analytics applications in healthcare are growing at a tremendous speed. Increasing volume of healthcare data have resulted in a growing need for artificial intelligence technology to perform data mining and accelerate the speed of healthcare delivery services. Emergence of novel and promising applications for disease diagnosis and monitoring is anticipated to drive artificial intelligence market growth.

High initial capital requirement due to complex nature of machines, huge maintenance and repair charges will discourage companies to venture into the healthcare artificial intelligence market. Besides, apprehensions regarding adoption of artificial intelligence technology would lead to large scale unemployment should act as a deterrent for industry expansion.

Healthcare Artificial Intelligence Market, By Application

Drug discovery held over 35% of the global artificial intelligence market share and is anticipated to witness more than 40% CAGR over the forecast years. The industry share is attributed to capability of artificial intelligence technology to recognize drug targets, and play an important role in drug design, discovery, identification and screening of molecules instantly and effectively.

Medical imaging and diagnosis should witness more than 40% growth to surpass USD 2.5 billion by 2024. Rising application of artificial intelligence in medical imaging has improved cancer tumour diagnosis at a very early stage compared to radiology. It utilizes deep learning techniques providing extraordinary performance for pattern recognition leading its way to become a game changer in the imaging and diagnosis industry.

Healthcare Artificial Intelligence Market, By Region

U.S. healthcare artificial intelligence market size is set to exceed USD 325 million in 2016, witnessing over 35% CAGR over coming years. Adoption of novel healthcare technologies such as big data analytics and favourable government initiatives will drive industry growth. Federal authorities are encouraging the use of data analytics through various initiatives and policies to reduce cost and improve quality of healthcare services.

UK is slated to drive the Europe healthcare artificial intelligence market with target revenue set to exceed USD 800 million by 2024. Favourable business environment is stimulating start-ups growth over the past few years. The accelerated R&D pace in the field of genomics using artificial intelligence should also fuel industry expansion.

China market should witness more than 45% CAGR over the forecast years. Advances in big data analytics and growing applications of artificial intelligence technology in healthcare sector should drive business growth. Favorable government initiatives to improve healthcare delivery by harnessing artificial intelligence technology will further propel the industry growth.

Competitive Market Share

The healthcare artificial intelligence market is highly fragmented characterized by presence of large number of industry players. Industry witnesses a number of start-ups for the past 3-4 years. Few innovative companies have set their footprint as pioneers in artificial intelligence industry.

Some of the notable players operating in healthcare artificial intelligence industry include IBM Watson Health, iCarbonX, Pathway Genomics, AiCure, Atomwise, and Cyrcadia Health. Continuous innovation in the artificial intelligence technology is a major strategy adopted by industry participants to gain significant market share.

Healthcare Artificial Intelligence Industry Background

Healthcare artificial intelligence market has been gaining popularity over the years. However, the market faces major challenge in form of deployment issues. There occurs to be lot of inherent risks and difficulties in deploying these large and complex systems due to poor human-computer interaction methods. Moreover, since artificial intelligence systems are relatively new to market, the buyers need to incur additional deployment costs. However, these obstacles can be taken care of, since use of artificial intelligence systems in healthcare has significant potential to improve health outcomes and quality of life in the coming years.

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What was the historic market data from 2012 to 2015, what is the industry growth forecast from 2016 to 2024?